The code is icanbe23. Enter it by going to Features from the main menu, then Extras, then Codes.
In "Creating a Legend", you'll be Michael Jordan as a rookie in the modern league, from draft combine to his final year. You can draft him to any team, not just the Bulls. Most importantly, you'll start with him rated at a 79 - much better than the 40-or-so starting rating you get for creating your own guy in My Player. Jordan will change appearances as his career progresses, from the short-fro Jordan of the mid-1980s to the bald, moustachioed elder statesman of the 1990s.
"The Jordan Challenge" is a centerpiece of the game, recreating 10 of the most iconic games from Jordan's career. Because the mode is hard-wired to eight-minute quarters, some of these - especially his higher-scoring affairs - can be difficult to pull off. So I'm pretty sure 2K Sports is not thrilled about having this perk out there in the wild. But you can't put the toothpaste back in the tube.
Still, there is an achievement and trophy for completing the challenge, so you can't use this to lie to your friends that you torched Cleveland for 69 or more when the best you can do is 31.
Unlock Creating a Legend Mode in NBA 2K11 [Pasta Padre]